Mitek Systems Inc. (NASDAQ:MITK) shares were down 4.2% on Wednesday . The stock traded as low as $7.81 and last traded at $7.95, with a volume of 703,448 shares trading hands. The stock had previously closed at $8.30.

Several research analysts have weighed in on MITK shares. TheStreet downgraded Mitek Systems from a “buy” rating to a “hold” rating in a research note on Friday, June 24th. Zacks Investment Research cut Mitek Systems from a “buy” rating to a “hold” rating in a report on Saturday, April 16th. Roth Capital initiated coverage on Mitek Systems in a report on Thursday, April 14th. They issued a “buy” rating and a $8.00 price target for the company. Needham & Company LLC raised Mitek Systems from a “hold” rating to a “buy” rating and set a $9.50 price target for the company in a report on Monday, July 11th. Finally, Benchmark Co. raised their price target on Mitek Systems from $6.50 to $8.00 and gave the company a “buy” rating in a report on Wednesday, March 23rd. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Mitek Systems currently has a consensus rating of “Buy” and an average price target of $8.63.

The stock has a market capitalization of $251.59 million and a PE ratio of 113.19. The stock has a 50-day moving average of $7.58 and a 200 day moving average of $6.45.

Mitek Systems (NASDAQ:MITK) last posted its earnings results on Thursday, April 28th. The company reported $0.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.03. The business had revenue of $8.52 million for the quarter, compared to analyst estimates of $7.38 million. During the same period in the previous year, the company earned $0.05 earnings per share. The company’s quarterly revenue was up 49.5% compared to the same quarter last year. Equities analysts predict that Mitek Systems Inc. will post $0.23 EPS for the current year.

In other news, CEO James B. Debello sold 59,091 shares of the firm’s stock in a transaction dated Monday, May 2nd. The stock was sold at an average price of $8.11, for a total value of $479,228.01. Following the sale, the chief executive officer now directly owns 803,789 shares of the company’s stock, valued at $6,518,728.79. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Russell C. Clark sold 109,568 shares of the firm’s stock in a transaction dated Monday, May 2nd. The shares were sold at an average price of $8.03, for a total value of $879,831.04. Following the completion of the sale, the chief financial officer now directly owns 257,204 shares in the company, valued at $2,065,348.12. The disclosure for this sale can be found here.

Mitek Systems, Inc develops, markets and sells mobile capture and identity verification software solutions for enterprise customers. The Company’s technology allows users to remotely deposit checks, open accounts, get insurance quotes, pay bills, as well as verify their identity by taking pictures of various documents with camera-equipped smartphones and tablets instead of using the device keyboard.

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